Clas Ohlson Stock Jumps 13% Amid Slight Stockholm Market Dip

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Clas Ohlson Stock Jumps 13% Amid Slight Stockholm Market Dip
Photo: Claudio Bresciani/TT

The Stockholm stock exchange fell slightly on Wednesday. Against the trend went the hardware chain Clas Ohlson with a course rally of over 13 percent.

The broad OMXS index closed at a minus of 0.1 percent.

Clas Ohlson reports a major profit increase for the first quarter of the broken fiscal year, completed in July. The share rose 13.6 percent.

Among the most traded shares in the OMXS30 index, the defense group Saab tops, up 2.1 percent, and recovers from Tuesday's loss after the British major bank Barclays' sell stamp.

The construction group Skanska, up 1.4 percent, and the industrial group ABB, up 0.9 percent, are also among the winners. The clothing chain H&M rises 0.8 percent after a quarterly report from the Spanish Zara owner Inditex.

The industrial giant SKF and the measurement technology company Hexagon had a heavier day, minus 1.9 and 1.3 percent respectively.

Danish boost

On the Copenhagen Stock Exchange, Novo Nordisk rose 3.7 percent after the pharmaceutical giant presented a austerity program where 9,000 jobs will be eliminated to give annual savings of eight billion Danish kronor by the end of next year.

On Wednesday afternoon, the Swedish payment giant Klarna's share began trading on the New York Stock Exchange. The share was priced at 40 dollars, which gives a market value of the entire company of over 140 billion kronor.

The movements were small on the leading European stock exchanges. Paris closed plus 0.1 percent, London minus 0.1 and Frankfurt fell 0.4 percent.

Increased hopes that the US central bank Federal Reserve (Fed) will lower the interest rate contribute to raising the stock market mood globally.

Strengthened krona

On Tuesday, the OMXS index fell 0.2 percent. With Wednesday's decline, the index is up 2.7 percent since the beginning of the year.

The krona continues to strengthen against both the euro and the dollar. One euro now costs 10.94 kronor and one dollar 9.33 kronor, the lowest rates since the beginning of June this year and February 2022 respectively.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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